Goodman, the manager of Goodman Property Trust [NZX: GMT], said it plans to spend $44.4 million developing three new industrial properties.

The developments, which will add 28, 430 square meters of industrial space to its portfolio, will be funded through existing debt facilities and further selling from its asset disposal programme, the company said in a statement. Last month, the Auckland-based company refinanced $600 million of bank facilities, extending the term to an average of 3 ½ years. Its total debt facilities are $895 million.

Steel & Tube Holdings will rent the Otahuhu Savill Link development as well as space in the Highbrook business park in East Tamaki, which are due to be completed in November, it said. Ford will also move to a new warehouse in Highbrook with a 10-year lease starting next April.

Shares in the listed property trust rose 0.5 percent to 97 cents and have declined 12 percent over the past year, underperforming the NZX 50 Index's 14 percent gain. The stock has an average 'hold' rating, according to six analysts surveyed by Reuters, with a median price target of $1.03.

(BusinessDesk)

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